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Enhancements Planned for Information Sharing

L-r Premier Hon. Alden McLaughlin and Financial Services Chief Officer Dr. Dax Basedo give an update on beneficial ownership enhancements.

Enhancements are to be made to the Cayman Island’s current framework for sharing Beneficial Ownership information with the United Kingdom (UK). The announcement was made today (Monday 11 April) by Premier Hon. Alden McLaughlin and Chief Office of the Ministry of Financial Services, Dr. Dax Basdeo.

Under the proposed system information will be accessed via a ‘central technical platform’ that is not open to the public. The new platform enhances the framework already in place, and puts the Cayman Islands further in alignment with global standards, and the UK’s position, while staying appropriate for the Cayman Island’s current business model.

Premier McLaughlin notes the ‘Panama Papers’ scandal brings to light the importance of regulations that prevent serious financial crime and that these enhancements to beneficial ownership will further the Cayman Island’s ability to join in that global fight.

It is a sentiment that UK Prime Minister David Cameron shares. The enhancements were also announced in the House of Commons. In that meeting the Prime Minister noted that the agreement put the Cayman Islands ahead of many jurisdictions.

Chief Officer Dr. Dax Basdeo said that a working group, made up by professionals from the industry, is finalising details of “amendments to the relevant laws that provide the framework to our regime.” The system is expected to be in place by June 2017.

A report on the group’s design of enhancements is expected within the next two to three weeks.

The full press conference will be rebroadcast on CIGTV at 10:02 p.m. today (Monday 11 April).

(GIS)

For further information contact: Suzette Ebanks